Gujarat Pipavav Port (GPPL) Q2 24/25 earnings summary

Executive summary

• Q2 FY25 revenue declined 10% year-over-year to INR 2,270 million, mainly due to lower container and bulk volumes impacted by Red Sea disruptions and delayed fertilizer imports; container TEUs fell 17% and dry bulk dropped 40% year-over-year.

• EBITDA fell 12% to INR 1,326 million and EBIT dropped 15% to INR 1,034 million for the quarter; net profit declined 15% to INR 908 million.

• H1 FY25 revenue rose 1% year-over-year, with EBITDA up 10% and EBIT up 13%.

• Liquid cargo volume increased 5% to 331,899 MT, and RoRo units surged 68% to 33,043, driven by higher LPG and OEM activity.

• Interim dividend of INR 4 per share declared for FY25, with record date set for 19 November 2024 and payment by 3 December 2024.

Financial highlights

• Standalone revenue from operations for Q2 FY25 was INR 2,270.39 million, down from INR 2,526.06 million in Q2 FY24.

• Standalone net profit for Q2 FY25 was INR 908.11 million, compared to INR 1,071.32 million in Q2 FY24.

• Quarterly container volumes improved 9% sequentially, from 165,000 TEUs to 180,000 TEUs.

• Liquid cargo maintained a run rate above 300,000 metric tons; annual expectation for liquid volumes is 1.3–1.4 million metric tons.

• Ro-Ro volumes remain strong, with annual guidance of 150,000–175,000 cars.

Outlook and guidance

• Green shoots in container volumes expected to continue as skip calls reduce and more vessels are deployed.

• Liquid jetty project expected to be operational between December 2025 and March 2026, pending regulatory approvals.

• Second half of the year typically stronger due to seasonality.

• Slight growth in container volumes anticipated over the next two quarters, barring further Red Sea or Middle East disruptions.

• Forward-looking statements highlight potential risks from economic conditions, regulatory changes, and market demand/supply fluctuations.